The decision of the Group of Ministers (GoM) to force mining companies to share 26 per cent of their profits with local and project affected people hasn’t gone down well with the industry.Union Mines Minister B K Handique had said the Bill in this regard had been approved by the GoM.Hemant Nerurkar, managing director, Tata Steel, said: “I don’t think that is the way forward. Look at the world: no...

The Niira Radia tapes have firmly put  the spotlight of adverse attention on politics and the media. But surprisingly, the loudest voice of protest—which is also a claim of innocence and a warning that the focus on the mud-smeared keeps attention off the real beasts in the 2G story—has come from India Inc. Ratan Tata, head of the Tata group and Radia’s foremost client, calls the leaked tapes “unauthorised” and...

Faced with a massive public outcry and fierce opposition from tribals, the government has, in a landmark move, decided to give tribals and other affected populations a share of the profits made from exploiting mineral resources from their land. The Group of Ministers (GoM) headed by finance minister Pranab Mukherjee on Friday finalised the contours of the draft for a new mining bill, which makes it mandatory for mining companies to...

Despite objections from the coal ministry and concerns of the Planning Commission, a GoM under finance minister Pranab Mukherjee - discussing the new Mines and Mineral (regulation and development) Act 2010 - approved the proposal of sharing 26% net annual profits from the mining activity with displaced locals. The Bill replacing a 53-year-old law can be introduced in the ongoing session, minister for mines BK Handique said after the GoM meet...

Jairam Ramesh, India's environment minister, will make a decision in the next week that could define the future of the country: whether to approve a $12 billion South Korean-owned steel plant, the largest potential foreign direct investment ever on the subcontinent. The plant, proposed by South Korea's Posco, has been in the works for years. It already has been cleared by the environment ministry, which Mr. Ramesh runs, and endorsed by...